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Opening up about your finances is the first step to a happy retirement

opening up about your finances happy retirement

Thinking about money keeps us up at night. Even when we roll over and see the clock’s showing 3.30 am and we know there’s nothing we can do right now, it still keeps us awake.

This has without question been heightened during the COVID-19 pandemic, with the job market and the FTSE both being hit hard.

Despite this, the Money & Pensions Service has revealed during their ‘Talk Money Week’, 9 in 10 UK adults (or 47 million people) are still struggling to talk about their finances.

Money worries can come in all shapes and sizes; from worrying if you’ve got enough for the bus, to worrying if you’ll ever be able to retire and afford to do what matters most to you.

While we haven’t got any spare change for the bus, thankfully, the latter is something we can definitely help with.

Talk to someone

If you’ve any money concerns, whether that be around retirement or not, you have to talk to someone.

If you’re in a relationship, start by talking to your partner, especially if you’re keeping something financial from them. If you’re single, speak with a friend or family member who might have already retired or be financially sound.

It can be a very tough conversation, but you’ll find you can sleep much easier getting things off your chest.

Here’s five steps to help you with the conversation:

  1. Create a comfortable setting.
  2. Prepare how you’re going to kick it off.
  3. Listen as well as talk.
  4. Check-in with friends and family.
  5. Choose who you open up to.

Being open about your financial situation and speaking to someone is especially important when you’re looking to retire.

You need that peace of mind from knowing everything’s going to be okay, maybe not right this second but with some work, you’ll get to where you want to be.

How much money will I need in retirement

First, though, you’re worrying about not having enough money for retirement, but do you know what it is you actually want to do in retirement?

Answering that question is the best way to start your journey to retirement.

Some want to spend their retirement travelling the world, some want to spend more time with their families, and some want to start the hobby they’ve never had the chance to do.

Retirement looks different for everyone, but there are certain things you can do to help make it achievable for you.

Talk to a financial adviser

According to research by the Money & Pensions Service, 47% of UK adults don’t feel confident in making decisions about financial products and services.

This is why seeking help from an independent financial adviser who specialises in pension advice and retirement planning is important.

We can help you not only figure out what you want your retirement to look like but also help you along every step to reach your goal.

At Joslin Rhodes, our advisers will always ask ‘enough for what?’ and then will lay out what your options are to deliver the lifestyle you want. We take you through our three steps:

  • Life Coaching – helps you and your financial adviser work out what it is you want to do and what makes you tick.
  • Financial Planning – lets us work through what you have, what you need, and how retirement would look for you.
  • Financial Advice – is the final stage, where we go through the nuts and bolts of investments, pensions and how best to use them to make your plan a reality.

How we can help

Getting that peace of mind helps you rest easy at night and we can help you with that. You’ll start your journey with us by telling us what you want your retirement to look like.

Once we understand what makes you tick, then we’ll start looking at what pension type you have and forecasting when you can retire.

The main thing we’ll do for you is make sure you have enough. Enough to fund your desired retirement lifestyle, enough to fund any unforeseen costs and enough to fund any later in life expenses, such as paying care home fees or modifications to your home.

We’ve helped real people from all walks of life—some who’ve been astounded to find out they’re actually better off in retirement, some who were told they could retire years earlier than they ever thought possible, and some who’ve completely changed their life and never looked back.

Next steps

To get started on your journey to retirement, you can book a free no-obligation first meeting.

You’ll be able to speak with our financial advisers who can explain your options, how we can help you, but most importantly, you can work through what it really is you want to do in retirement.

You tell us what you want to do, you tell us your goals and aspirations, and then we start your journey to retirement.

We can show you:

✓ Retirement Savings – how much you need to save for retirement

✓ Retirement Date – when you can afford to stop working

✓ Retirement Income – how much you can spend in retirement

So, if you’re looking to make sense of pension and retirement planning options with straightforward advice, we’re here to help.

Call our friendly team on, 033 0133 3035 or click to arrange a call back from one of our experts.